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EUR/USD drops to lows at 1.2540

FXStreet (Edinburgh) - The single currency is now accelerating its decline on Friday, with EUR/USD now approaching session lows in the 1.2540 neighbourhood.

EUR/USD focus on Draghi

It will be a very light session data-wise in Euroland, with only Italian Wage Inflation figures due for the month of October. However, Draghi’s speech will keep investors entertained, as the debate will once again gyrate around the ECB’s balance sheet expansion. In the meantime, the greenback seems to be recovering from the weakness exhibited overnight, although there will be no data releases across the pond.

EUR/USD key levels

At the moment the pair is losing 0.03% at 1.2539 with the next support at 1.2505 (hourly low Nov.20) ahead of 1.2487 (10-d MA) and finally 1.2442 (low Nov.18). On the flip side, a breakout of 1.2602 (high Nov.19) would aim for 1.2614 (low Oct.23) and then 1.2617 (high Oct.31).

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